Funding Benefits

If a member receives monthly income through the University payroll, deductions for statutory benefits, pension and life insurance plans will be automatically deducted from their pay. If a member does not receive income from the University in a given month, no pension contributions are payable and life insurance premiums will be invoiced to the member for payment. Clinical departments will be automatically charged for employer costs of statutory, pension and other benefits in the program on a monthly basis. Clinical department administrators can answer questions regarding the effect that a member’s benefits program participation has on the level of tithes and Points Based Remuneration that is payable from the department.

Annual Costs:

Physician and Department costs will vary depending on benefit plan participation and the options chosen by the physician. The estimated 2021 costs of benefits for a 50-year-old, non-smoking male physician earning $45,000 in taxable income from the University with family coverage and who elected $200,000 in life insurance, dependent life and $250,000 accident insurance on his family:

Physician Costs
Pension	$675
Life Insurance – self	$329
Life Insurance – dependents	$116
Accident Insurance – family, $250,000	$72
Statutory Benefits – CPP	$2,262
Statutory Benefits – EI	$732
Total Annual Physician Costs	$4,186
Department Costs
Health Care Spending Account	$ 2,160
Post Retirement Benefits (Effective May, 1, 2024=$2,810.04)	$2,681
Disability Insurance	$356
Dependent Tuition Scholarship	$721
Statutory, Pension and Other benefits	5,850
Total Annual Department Costs	$11,768